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Updated about 7 years ago on . Most recent reply

Account Closed
  • United States
28
Votes |
47
Posts

GOP Tax Plan - IRS Section 121 update?

Account Closed
  • United States
Posted
Is there any update on the GOP tax plan and changes to IRS Section 121? Last I read, it was proposed that the capital gains tax exemption requirements may change. The requirements for a tax free sale would require you to live in your primary residence for 5 of 8 years, instead of the current 2 (consecutively) of 5 years. I'm really hoping Section 121 did not change! Any update? Thanks, Taylor

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Matt R.
  • Sherman Oaks, CA
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Matt R.
  • Sherman Oaks, CA
Replied

That partially ruins the live in flip game...that is a big bummer. 

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